Veda Names New Chairman, Edges Toward IPO

Credit information provider Veda Advantage has appointed Macquarie Group Ltd. and Origin Energy Ltd. director Helen Nugent as chairman ahead of a planned initial public offering.

Veda, which is owned by Pacific Equity Partners, is poised to appoint Citigroup Inc. and UBS AG as joint lead managers on an IPO of the business, according to a person familiar with the matter.

“The fact that Helen has agreed to lead our board demonstrates the strategic importance of Veda within the credit industry,” Veda Chief Executive Nerida Caesar said in a statement.

Ms. Nugent is also chairman of Funds SA, which has 21 billion Australian dollars (US$20 billion) under management. She joins Ms. Caesar and PEP’s Anthony Kerwick, Tony Duthie and Geoff Hutchinson on Veda’s board.

Veda reported around A$110 million in earnings before interest, tax, depreciation and amortization in the year ended June 30.

PEP is likely to retain all or most of its stake when Veda lists, the person said.

Veda is anticipating higher demand for credit from the first quarter of next year when new legislation comes into force enabling consumers to track their own credit history. Funds raised will help the company cope with the extra demand.

PEP teamed up with Merrill Lynch Global Private Equity to take Veda private in 2007, before acquiring the U.S. bank’s stake around four years later. The 2007 deal gave Veda an enterprise value of A$974 million, according to PEP’s website.